Haymarket reports £11m pre-tax profits
In the 18-month period from 1 January 2012 to 30 June 2013, Haymarket, which also owns theFourFourTwo, What Car? and PistonHeads brands, reported revenues of £318.2m.
On an annualised pro-forma basis, Haymarket’s underlying profits were £17.8m, up 3.3 per cent in the year to 30 June 2014.
The company generated 27 per cent of its global revenue from digital products, 48 per cent from print and 18 per cent from FACE (festivals, awards, conferences, exhibitions and events) media.
During the period, Haymarket relocated its business division from Hammersmith to its headquarters in Teddington, Middlesex. The sale of the office and residential assets generated total proceeds of £31m and profit of £17m.
The profit of the property sale, as well as the disposal of Compliance Week in the US, helped the company reduce its bank borrowings by almost £40m to less than £90m.
Haymarket did not pay a dividend in the year to the end of June 2014 – the first time it has not paid out to shareholders since at least 2003.
In the current annual year (to the end of June 2015), Haymarket’s digital revenues are expected to comprise 31 per cent of the total, print revenues 45 per cent and FACE 18 per cent. Six per cent of revenue is forecast to come from information and data.